Pensions

[Tashyboy]

Just read summation that LT has mentioned. pensions.

Is there anyone on here that actually does not pay into one. If so why not.

When i I got my first weeks wage in July 79, £28.30. I noticed I had paid into a pension and thought I had been robbed. It was done automatically.

How do you go about setting up pensions nowadays.

 

[IanM]

Talk to your current Financial Services Provider / Google "pensions advice" etc etc etc

I know a bloke who has no pension, has put all his money into buying buy-to-let flats.... doing well out of it

 

[Lord Tyrion]

I went to a pensions advisor 15-20 or so years ago. You put your trust in them and start up. You never have the money to pay in, a bit like having money for your first child. You just have to do it. It hurts the first few months and after that you don't notice.

The painful bit is that it doesn't give you a guaranteed figure. You build up your pot over the years, hope it increases and then hope again that annuity figures are good when your time is right to retire.

Final salary pension people should be grateful on a huge scale. They are incredibly lucky as I can assure them the alternative is not a relaxing option.

 

[Hobbit]

Was lucky to start work with B.T. On my 20th birthday, for 14 years, and straight into a final salary scheme. Moved from there into the NHS for another final salary scheme. 20 years in total in final salary schemes and the a further 20 years in a money purchase scheme, which I’ve added to with AVC’s. Retired a few weeks back at 59.

I thank all the god’s in Christendom for the luck I had in the early years, and the maturity to actively manage the last 15 years.

 

[Deleted member 21784]

I am a very lucky person

Finally salary with LU

Got a payrise back dated a few years ago that I didn’t need so stuck 4% in avc ever since.

Should be able to retire at 58 (30 at the moment) with a full pension as I started at 16

 

[Bigfoot]

When I started work in 1978, I could not join the pension fund until I was 21. I was auto enrolled at 21 as it was non - contributory. The company later backdated it to my start date. It was a final salary scheme and believe me, I am extremely grateful, now I am receiving my pension.
I can see those pensions that are being offered to people now are going to leave a lot of people in poverty in years to come unless they save for many years. I can see many having to work part time whilst receiving a pension.

 

[Doon frae Troon]

My wife and I both bought 'extra years' on our national pensions so we would get the full pension.
Well worth doing for a small amount of money.

 

[Lazkir]

Lost over £150 thousand on my Pension due to the scams back in the early 2000's. Only have a smallish pot left. Have plans in place, but should be alright. Do feel for my kids though, God knows how they'll manage.

 

[Tashyboy]

Lost over £150 thousand on my Pension due to the scams back in the early 2000's. Only have a smallish pot left. Have plans in place, but should be alright. Do feel for my kids though, God knows how they'll manage.

lazkir, when the mining industry was privatised a lot of lads were mis sold pensions. At the time they were promised the earth, many years later a lot of these pension schemes were seen to have mis sold and had to pay backs tens of thousands. No chance of going down that route ?

 

[jim8flog]

I know when I worked in Financial Services there were a lot of people who did not have one.

Sadly with current annuity rates there are probably a lot of people who regret having taken out a Personal Pension plan.

I know with my AVCs I might just have well invested in the Stock Market.

 

[Lazkir]

lazkir, when the mining industry was privatised a lot of lads were mis sold pensions. At the time they were promised the earth, many years later a lot of these pension schemes were seen to have mis sold and had to pay backs tens of thousands. No chance of going down that route ?

No mate, all down to massive admin costings which bled the fund dry. Big con but have no comeback.
I'm not bereft, just won't be as well off as expected.

 

[Waitforme]

My wife and I worked for a company for 38 and 30 years respectively, largely in a final salary scheme. We were able to walk away from those jobs to try something new with the reassurance of those pensions being able to support us if it went pear shaped.
Have emphasised to both our sons the importance of starting a pension early , which thankfully they have taken the advice.
To think we can potentially receive a monthly deposit for ( touch wood ) 30 plus years is very reassuring.
Personal Pensions are so so important because by the time younger folk reach retirement age God only knows what the pensions provision will be from the state.

 

[Deleted member 21784]

My wife and I worked for a company for 38 and 30 years respectively, largely in a final salary scheme. We were able to walk away from those jobs to try something new with the reassurance of those pensions being able to support us if it went pear shaped.
Have emphasised to both our sons the importance of starting a pension early , which thankfully they have taken the advice.
To think we can potentially receive a monthly deposit for ( touch wood ) 30 plus years is very reassuring.
Personal Pensions are so so important because by the time younger folk reach retirement age God only knows what the pensions provision will be from the state.

Pensions should be taught at school.. by time people are old enough to grow up and take pensions seriously it’s too late!

 

[Crazyface]

Pensions should be taught at school.. by time people are old enough to grow up and take pensions seriously it’s too late!

Agreed, but at the end of every lesson on it the teachers would have to add "That is unless the company you are working for doesn't use it for itself" Mawhaaahaaahaaahaaahaaahaaahaaahaaaaa !

Sorry if your one of those caught in it.

 

[Dellboy]

Self employed and paid into a pension for over 16yrs, even adding extra when ever I could, only to lose the lot in the early 2000’s now got nothing.

Thankfully I do own my house so that will have to be my pension.

 

[harpo_72]

My work life started when pensions were being outed for the money theifing schemes. Then I was offered a work pension, I looked at the charges, the lack of guarantees and my present finances. It did not make sense.
i chose to pay my mortgage as fast as possible and increase my equity in new properties. I don’t know if this will be a success... but these are the choices I made.
My current company offers a very good pension and their contribution is big, but as always that is dependent on the state of the markets.
Time will tell how good it will all be, but mine is the generation who won’t inherit as our parents are spending on holidays and living longer... without worrying about their own care.

 

[Tashyboy]

Agreed, but at the end of every lesson on it the teachers would have to add "That is unless the company you are working for doesn't use it for itself" Mawhaaahaaahaaahaaahaaahaaahaaahaaaaa !

Sorry if your one of those caught in it.

Or the government may have its hands in your pension pocket

 

[Deleted member 21784]

My work life started when pensions were being outed for the money theifing schemes. Then I was offered a work pension, I looked at the charges, the lack of guarantees and my present finances. It did not make sense.
i chose to pay my mortgage as fast as possible and increase my equity in new properties. I don’t know if this will be a success... but these are the choices I made.
My current company offers a very good pension and their contribution is big, but as always that is dependent on the state of the markets.
Time will tell how good it will all be, but mine is the generation who won’t inherit as our parents are spending on holidays and living longer... without worrying about their own care.

without a decent pension in place IMO property is the best way you can get yourself a decent income

in an ideal world id own 3 properties all paid off by time I retire so I can live off the rent of the other 2 incase my pension went

 

[Crazyface]

without a decent pension in place IMO property is the best way you can get yourself a decent income

in an ideal world id own 3 properties all paid off by time I retire so I can live off the rent of the other 2 incase my pension went

I'm going down the same route. MUCH safer.

 

[Captainron]

I'm going down the same route. MUCH safer.

Property has been a fruitful investment for many people but it can take time to sell. Know of people who have struggled to get the cash out of their property because no one was buying. That's why there are those 'We buy any house' companies popping up.